Sec. 1503.155. OBLIGATION NOT DEBT. An obligation described by Section 1503.152 or 1503.153:
(1) may be a charge only on the property encumbered;
(2) is not a debt of the municipality; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1503 - Obligations for Municipal Airports
Subchapter D. Encumbrance of Airports in Municipalities With Population of More Than 160,000
Section 1503.151. Applicability of Subchapter
Section 1503.152. Pledge of Income
Section 1503.153. Encumbrance of Airport
Section 1503.154. Grant of Franchise
Section 1503.155. Obligation Not Debt
Section 1503.156. Authority to Issue Notes and Warrants Without Election